Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

Brexit and UK bank recovery and resolution: onshoring BRRD/BRRD II, 2018/1394 and 2020/1350 changes, FCA/PRA rules, MREL/TLAC, divergences, BTS, transitional powers and equivalence

Published by a LexisNexis Financial Services expert

Practice notes

This quick guide to the brexit Bank Recovery and resolution Directive 2014/59/EU sets out the UK legislation and retained EU legislation altered or repealed by the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU exit) Regulations 2018, SI 2018/1394 (the BRRD SI), the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, SI 2020/1350 (the BRRDII SI), and other instruments effective from the end of the implementation period after the UK’s exit from the EU, together with related amendments to Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulatory rules and guidance. It also identifies principal areas where, post-implementation period, the UK has chosen to diverge from the EU bank recovery and resolution framework. For a high-level overview of the position of EU bank recovery and resolution measures in UK law from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II [Archived].

Background: The UK’s Brexit preparations and the EU-UK trade agreement

The BRRD SI and the BRRDII SI (together, the SIs) form part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) which were intended...

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Web page updated on 21/05/2026

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